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I'm interested in a property that is listing at 400K in NYC which needs some work. I have direct access to almost 400K but would like to hold onto some cash for renovations and coop board approval. What kind of financing can be arranged for the remaining 25%?

-Jay

gmakerley · Posted: Sun Jan 10, 2010 10:25 pm Post subject:

if you have $400K to use for the purchase of a $400K cooperative, and you want to keep $25000 of it for repairs, etc., then you'd want to apply for a loan that allows you to use as much of your cash availability as possible, while still allowing you to retain at least the $25000 you cite as needed.

am i missing something here? this is a simple proposition.

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I need financing for 25% of the property